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Gold/Mining/Energy : JAVA GOLD -- Ignore unavailable to you. Want to Upgrade?

To: Ron Everest who wrote (114)	2/27/2001 1:06:45 PM
From: robingrayson	Read Replies (1) \| Respond to of 121

Ron - International Pursuit also need sorting out! There is scope for a class action suit against International Pursuit, but IMO there are only vague grounds for it regarding Java Gold Corporation - IPJ appear, from public filings, to have been reasonably meticulous regarding JVAG and long ago ceased to be be on the JVAG Board. The clear grounds for a class action against IPJ concern the 3m$ 'TAS Loan' (1.5m$ from IPJ and 1.5m$ from private Ontario company - Mongolian Goldfields Corporation - later taken over by JVAG) under the TAS Agreement. The TAS Loan bore an interest of 8% per annum, and repayment was to be made out of gold production from a TAS License in northern Mongolia that JVAG planned to dredge. The TAS Agreement had 2 main objectives stated inb IPJ and JVAG filings: a) for TAS to enable IPJ and JVAG to build up the largest combined land position in Mongolia - this appears to have been a contravention of Mongolian legislation at the time, designed to prevent such an eventuality. b) for TAS to award Mongolian Goldfields Corporation (thus JVAG) sole contract mining rights to the TAS dredge project. - BUT: i) Armand Beaudoin was Director/Officer of JVAG and also served on the TAS Board - not revealed to JVAG or IPJ shareholders. I stumbled across some signed documents in Mongolia which revealed this conflicxt of interest. ii) TAS shortly afterwards awarded the contract mining rights to a Russian-Mongolian joint venture (Argos Ltd) and this fact was surely known to JVAG and IPJ but not reported. Thus it might be argued that IPJ (and indeed JVAG) were reckless in the use of shareholder funds regarding the TAS Loan and the TAS Agreement was unsafe in Mongolian law, the conflict of interest of Armand Beaudoin was not reported, and the breaking of the TAS Agreement by TAS awarding the contract mining to Argos was not reported. My colleagues and I have very full files on all of this. Anyone interested? Robin Grayson General Director Eco-Minex International Co Ltd emiweb@magicnet.mn